For anyone planning a trip that involves a sizable financial outlay, travel insurance would be a good idea. It can cover missed flights, bungled connections and illness. For any trip that must be cancelled, or for delays or interruptions, it can be a safeguard against a big financial loss.
Though they vary, travel policies usually include accident, sickness, baggage loss and flight insurance, and financial protection in the event of trip interruption and delay.
The best policies also come with medical evacuation, a feature rarely offered by conventional health insurance plans. Out of pocket costs can be anywhere from $8000-$100,000 per evacuation. The expense comes from utilizing one or more airplanes or helicopters to retrieve the sick traveler.
Trip cancellation is probably the most likely occurrence, usually due to illness, accident or weather. Trip interruption also is a possible scenario, usually because a traveler must cut short a trip to go home.
The cost of travel insurance varies but figure on 5-7% of the trip cost per person. So for a $3000 per person trip, it will run an additional $150-$210.
When shopping for a travel insurance policy, look for one that has a 24-hour hot line providing international access essential for medical emergencies.